Nigeria Eyes $12bn Halal Economy, Pushes to Tap into $7tn Global Market

The Nigerian federal government has launched a new national strategy aimed at tapping into the $7 trillion global halal economy, with an ambitious target of $12 billion in investment mobilization. Vice President Kashim Shettima emphasized the need for Nigeria to transition from being a mere consumer of halal products to a leading player in the sector.

He highlighted the vast potential of the country's large consumer market, agricultural resources, manufacturing capabilities, and access to the African Continental Free Trade Area (AfCFTA). Shettima stressed that Nigeria could no longer remain a passive consumer while other nations dominate production and trade within the halal economy.

The global halal economy has expanded beyond food and beverages, encompassing areas such as Islamic finance, pharmaceuticals, cosmetics, tourism, logistics, manufacturing, and digital commerce. Nigeria, with its significant population, agricultural strengths, entrepreneurial private sector, and strategic geographic location, is well-positioned to capture a substantial share of the expanding global market.

The government's initiatives include the establishment of the Nigeria Halal Economy Strategy Implementation Committee and the formation of a Halal Accreditation and Verification Platform to serve as a model for the continent. International partnerships with institutions like the Islamic Development Bank and the Arab Bank for Economic Development in Africa (BADEA) are also being pursued.

Shettima emphasized that the success of the halal economy hinges on the active involvement of the private sector, with policies and partnerships serving as enablers rather than definitive solutions.